iFOREX»News» Dow slips Tue on the renewed concern of dual outbreak of seasonal flu and COVID-19 in the fall (in the absence of corona vaccine), but jumped early Wed on the positive trial report of Remdesivir

On early Tuesday (U.S.) Dow Future soared over +400 points on hopes of an early COVID-19 vaccine by Sep, signs of corona curve plateauing on both sides of Atlantic and Trump’s insistence to open the country fully through ‘summer heat & sunlight’ and even with any possible disinfectant injections, UV rays to eliminate the COVID-19!!

On Tuesday, the White House COVID-19 Task Force member Dr. Fauci said:

---So it’s not going to disappear from the planet, which means as we get into next season, in my mind, it’s inevitable that we will have a return of the virus or maybe it never even went away. When it does, how we handle it will determine our fate---I am almost certain the virus will return in the winter. The U.S. could be in for a bad fall if researchers don't find an effective treatment to fight the coronavirus by then. The COVID-19 is not going to disappear from the planet, while experts are learning about how the virus behaves.The virus will certainly make a comeback in the U.S. even as cases begin to stabilize.

In my mind, it’s inevitable that we will have a return of the virus, or maybe even that it never went away---states reopening businesses prematurely could cause a rebound to get us right back in the same boat that we were in a few weeks ago. I am cautiously optimistic researchers can develop a vaccine to prevent Covid-19, but nothing is ever a guarantee. The virus has been shown to be highly transmissible and the emergence of this virus exploded upon us and has kept me up at night. Everyone is at risk, unlike some infections.

Apart from the warning by Dr. Fauci, the risk trade also got a jolt Monday, just after the U.S. market opens on a report that Germany may have to again tighten its lockdown only a week after easing began because the COVID-19 is now spreading too fast. Germany’s COVID-19 infection rate (Arnot factor), which measures how many people a COVID-19 patient can infect on an average- has again bounced back to 1.00, just below the boom/bust line of 1.20; above 1.50 may cause a moderate epidemic, while above 2.00, may cause a severe pandemic.

Meanwhile, Germany’s Chancellor Merkel also warned that German hospitals will be overwhelmed by the end of June if the number rises even a little higher and that a corresponding increase in infections would make a second shutdown unavoidable.

But on mid-Monday, the risk-trade as-well-as Dow got some boost after a report that Pfizer could begin U.S. testing of coronavirus vaccine as soon as next week and the vaccine could be ready for emergency use by fall if passes testing. Subsequently, Dow recovered almost +100 points from the session low and ultimately closed around -33 points lower for the day.

On late Friday (24th Apr), Trump said in his opening remarks at the daily media briefing on COVID-19:

Thank you very much, everyone. Thank you. We continue to see evidence that our aggressive strategy is working and working at a very high level. Nationwide, the percent of tests that come back positive has declined very significantly.

Last week, roughly 38 percent of the tests in New York were positive. This week, that number is down to 28 percent. New cases in New York are down 50 percent compared to a week ago. And fatalities are down 40 percent over the same period. In Louisiana, the rate of positive test results had declined from 25 percent down to 15 percent in the last seven days alone. Eighteen states now show a decline in a number of positive tests in the last seven days. So, over the last seven days, there’s been very, very significant progress.

Half of all Americans live in states that have now taken steps to open their economies. Just yesterday, Governors Gavin Newsom, California; Tim Walz of Minnesota; and Bill Lee of Tennessee announced additional plans to restart certain sectors. We ask every American to maintain vigilance and hygiene, social distancing, and voluntary use of face coverings.

We’re opening our country. It’s very exciting to see. We have a lot of talent involved, from governors down to people that just stand there and help you with the doors. There’s been tremendous talent involved and tremendous spirit from our country. A country is a great place, and it’s going to be greater than ever before. I really believe that. I think there’s going to be a tremendous upward shift. I spoke with Tim Cook, today, of Apple. And they have a good sense of the market, and he feels it’s going to be a “V.” The “V” is sharply upward later on as we actually get it fully open.

Today, I signed the Paycheck Protection Program and Health Care Enhancement Act, providing $320 billion to keep American workers on the payroll. Thirty billion dollars of the Paycheck Protection funds will be reserved for small financial institutions, including those that serve minority and distressed communities, extending vital relief to thousands of African American and Hispanic American small-business owners and their employees.

The bill also delivers $75 billion for hospitals — so badly needed for hospitals; they’ve taken a very big hit — and medical providers. In areas less affected by the virus, hospitals and doctors should work with their state and local health officials on ways to safely resume elective medical treatments and care. Under the CARES Act, we’re sending back payments to millions of American workers. More than 80 million Americans have already received their payment: $3,400 for a typical family of four--Three thousand four hundred dollars. That’s great. And you deserve it.

The CARES Act requires that the federal government send out a notice of what benefits Americans are receiving. To fulfill the requirement, the Treasury Department is mailing a letter to me. It will include the amount, their economic impact payment, how it will arrive — direct deposit, check, or prepaid debit card — as well as a message to the nation, letting each American know that we are getting through this challenge together as one American family. And that’s what’s been happening.

The whole world is watching us. You have 184 countries out there that have been hit, and now it’s probably higher than that. But they’re all watching us. They’re all watching and they’re calling, and they respect what we’re doing, so much.

I spoke with the leaders of numerous countries today. They’re asking if we can send them ventilators, and I’m agreeing to do it. We have a tremendous capacity — now, over-capacity of ventilators. We’re filling up stockpiles for our states and for ourselves. The federal government has over 10,000 ventilators, and we could have a lot more if we wanted to do that. But we’re helping Mexico, Honduras, Indonesia, France. We’re sending it to France. We’re sending it to Spain. We’re sending it to Italy. And we’ll probably be sent to Germany, should they need them.

Over the last three years, we built the strongest economy, and the most successful country the world has ever seen. The greatest economy the world has ever seen. Nobody has ever done anything like what we were able to do. And we will rebuild that economy. Our economy in the not-too-distant future, I really believe, with all that we’ve learned and all that we’ve done, will be just as strong and maybe stronger than ever before — even stronger than it was just two months ago.

On late Monday (27th Apr), Trump said in his media briefings on COVID-19:

Thank you very much. Thank you. Today I’d like to provide you with an update in our war against the coronavirus. Thanks to our comprehensive strategy and extraordinary devotion to our citizens — we’ve had such tremendous support all over — we continue to see encouraging signs of progress.

Cases in the New York area, New Orleans, Detroit, Boston, and Houston are declining. Denver, Seattle, Philadelphia, Washington, D.C., Atlanta, Nashville, Indianapolis, and St. Louis are all stable and declining. All parts of the country are either in good shape, getting better. In all cases, getting better-- And we’re seeing very little that we’re going to look at as a superseding hotspot. Things are moving along. Really, a horrible situation that we’ve been confronted with, but they’re moving along.

As we express our gratitude for these hard-fought gains, however, we continue to mourn with thousands of families across the country whose loved ones have been stolen from us by the invisible enemy. We grieve by their side as one family — this great American family. And we do grieve.

We also stand in solidarity with the thousands of Americans who are ill and waging a brave fight against the virus. We’re doing everything in our power to heal the sick and to gradually re-open our nation, and to safely get our people back to work. They want to get back to work, and they want to get back to work soon. There’s a hunger for getting our country back, and it’s happening, and it’s happening faster than people would think. Ensuring the health of our economy is vital to ensuring the health of our nation. These goals work in tandem. They work side by side.

It’s clear that our aggressive strategy to slow the spread has been working and is saving countless lives. For those who are infected, we have taken unprecedented action to ensure they have the highest level of care anywhere in the world.

We’ve launched the most ambitious testing effort, likewise, on Earth. The United States has now conducted more than 5.4 million tests — nearly double the number tested in any other country--More than twice as much as any other country. Think of that.

We are continuing to rapidly expand our capacity and confident that we have enough testing to begin reopening. And the reopening process — we want to get our country open. And the testing is not going to be a problem at all. In fact, it’s going to be one of the great assets that we have.

Today we’re releasing additional guidance on testing to inform the states as they develop their plans for a phased and very safe reopening. Our blueprint describes how states should unlock their full capacity, expand the number of testing platforms, establish monitoring systems to detect local outbreaks and conduct contact tracing. We have it all.

Other countries are calling to find out what are we doing and how do you do it. And we’re helping them. We’re dealing with a lot of countries, helping them with testing, just like we did on the ventilators.

So we’re deploying the full power and strength of the federal government to help states, cities — to help the local government get this horrible plague over with and over with fast. There’s tremendous energy in our country right now. There’s energy like people haven’t seen in a long time — a spirit that they have not seen. And we’re doing very well — very well — considering what happened to us and considering if you look at what happened to others.

This is something that the world has not seen for a long, long time. You can probably go back to 1917, where it was a terrible period of time. You all know what happened in 1917. That’s over 100 years ago.

In the Q&A session, Trump was asked about the reopening by various states- Trump clarified safety (health) is now the main criteria:

Well, we want them to do it. We recommend that they do it as quickly as possible, but safely. We want everyone to be safe. And I think you’re seeing that. You’re seeing a lot of governors get out and they want to open it up. Many are thinking about their school system. Not a long way to go in the school system right now for this season, for this year, but I think you’ll see a lot of schools open up even if it’s for a very short period of time. I think it would be a good thing. Because, as you see, in terms of what this vicious virus goes after, young people seem to do very well--- Young people seem to do very well.

So I know that there are some governors that aren’t necessarily ready to open up their states, but they may be ready to open up their school systems. We’ll see. But that’s their choice. But the word is “safety.” Okay?---Rapid, but safety.

The U.S. Health Secretary Azar commented back on 28th Jan that for the individual American, the virus should not be an impact on their day-to-day life. Trump was asked why still Azar should be in his position as Health Secretary as after three months later, more than 55,000 of fellow Americans have now lost their lives and why he is still Trump’s top health advisor-Trump downplayed the same and said lots of renowned experts predicted it wrong. But Trump has no regret that Azar is not attending the White House COVID-19 task force briefing since 3rd Apr. Trump said:

Well, I think it’s a very unfair question because you have many great professionals, some of them you have great respect for, and you have many people in the other party — you mention Alex Azar, but you have many people in the other party that has said the same thing and with even more confidence. So a lot of people didn’t get that right.

I was — I was very fortunate, whether it was through luck or whatever, that we closed the border. We put a ban on China — other than our citizens coming in. We had our citizens — you can’t keep out American citizens. You know, “Gee, you can’t come back into your country.” That’s a little tough to do. But we put a ban on China that was very fortunate. But I could tell you that Nancy Pelosi was dancing in the streets in Chinatown. She wanted to go, “Let’s go out and party.” That was late into February. So you don’t mention that, but you could mention that.

On some allegation of underreporting of COVID-19 deaths by some blue (Democrat) states, Trump said the U.S. reporting is accurate unlike China or some other countries:

Well, I can only say what we’re doing. We’re reporting very accurately. If you look at other countries, other countries are not. I mean, you can look at China. You can look at numerous countries where I don’t think those are the right numbers. I can only say what we’re doing. It’s very important for us to do very accurate reporting, and that’s what we’re doing.

Well, Charlie, there are a lot of ways you can hold them accountable. We’re doing very serious investigations, as you probably know. And we are not happy with China. We are not happy with that whole situation because we believe it could have been stopped at the source, it could have been stopped quickly, and it wouldn’t have spread all over the world. And we think that should have happened. So we’ll let you know at the appropriate time, but we are doing serious investigations.

On reducing dependence on China’s supply chains, Trump said he is looking into that and also highlighted his ‘achievement’ of ‘paying China billions of dollars in tariffs’ for the ‘targeted’ U.S. farmers:

Well, we’ve already discussed that, and especially having to do with medical supplies and others — and others. If you look prior to this virus, the deficit was coming way down under my administration because I put massive tariffs on China. We took in tens of billions of dollars-- Gave some of it to the farmers who were unfairly targeted by China. Nobody has ever done that before. We never took 10 cents from China.

Now, all of a sudden, I think you know very well, we’ve taken in tens of billions of dollars. I helped the farmers by giving them---two years ago, $12 billion — all coming from China — and we had plenty of leftovers too. And then the following year--- $16 billion----And this year, we’re also going to help our farmers. But nobody has ever done a thing like that--- Because they were targeted unfairly by China. So we’re doing a very strong investigation, and we’ll let you know what the result of that is. We should be able to get the answers too.

On a German newspaper claim of $160B from China as demurrage, Trump said the German claim is very low and he will claim a very ‘substantial’ amount (after the investigation) as this is not a U.S. issue, but global loss:

Well, we can do something much easier than that. We have ways of doing things a lot easier than that. But Germany is looking at things and we’re looking at things. And we’re talking about a lot more money than Germany is talking about.We haven’t determined the final amount yet. It’s very substantial. If you take a look at the world — I mean, this is worldwide damage. This is damage to the U.S., but this is damage to the world.

On the projection by the White House top economic advisors Hassett that the U.S. economy (GDP) may decline 20-30% in Q2, the worst since the Great Depression-Trump said although the Q2 will be a washout, he is confident that the Q3 will be good, and Q4 as-well-as 2021 will be incredible. Trump said he has built the greatest economy of the world with lots of contributions from his fellow citizens and he believed that the recovery will be ‘V’ shaped:

I don’t know. But I can tell you the third and the fourth quarter, in particular, are going to be, I think, spectacular. We were talking about it with the executives. I think we’re going to have a phenomenal third quarter. Nobody, you know, except one country, can be held accountable for what happened. Nobody is blaming anybody here. We’re looking at a group of people that should have stopped it at the source.

But — so what happens in second happens in second. What we are doing is — I think we’re going to have — you’re going to see a big rise in the third, but you’re going to see — an incredible fourth quarter, and you’re going to have an incredible next year. I think you’re going to have a recovery. Look, I built — they were just telling me inside, and it’s fact — I built the greatest economy — with the help of 325 million people, I built the greatest economy in the history of the world. And one day, because of something that should have never been allowed to happen, we had to close our country, we had to close our economy.

I built it.We had the best employment numbers and the best unemployment numbers for Hispanic Americans, for African Americans, for Asian Americans, for everybody — best stock market numbers. And, by the way, the stock market was up very substantially today and people are seeing a lot of good things. A lot of very smart people investing in the stock market right now--- It’s at 24,000 — approximately 24,000.

And if you would’ve said, with a tragedy that this country had to endure and go through, with all of the death and the people that died and were so badly hurt by what happened, and you can only say God bless them — but if you would’ve said that our country would be in the position we’re in now — we’re ready to move forward. We’ll never forget loved ones. We’ll never forget these great people that sacrifice for a reason of incompetence or something else other than incompetence. What happened at a point where they could have protected the whole world — not just us, the whole world.

But we had the greatest economy ever in the history of our world, and I had to turn it off in order to get to a point where we are today. And now we’re making a comeback. And I think we’re going to have, economically — from an economic standpoint, next year — an unbelievable year. And I think that you’re going to see a fantastic fourth quarter, and the third quarter will start to build. But in the second quarter, obviously, you’re going to have a GDP lack of growth.

I’m looking at the head of Walmart. What a job Walmart has done in going through something. I mean, they were — they were doing yeoman’s work, including getting us millions of — of, really, very, very protective outfits. And — and — I mean, the job that Doug and Walmart did was incredible. Millions of outfits---And those are high quality. I’ve seen them---those a high quality. That’s what we need.

So people have stepped up to the plate. I think we’re going to have a really good — I think it’s good to start building. I think it’s going to build fast. I think it’ll be a tremendous, tremendous comeback. And, you know, so I say I built the greatest economy — with all of the people that helped me and all of the people in this country, we built the greatest economy the world has ever seen. And we’re going to do it again. And it’s not going to be that long. Okay?

On Tuesday, Trump again changes his GDP forecast slightly and said:The Q3 will be a transition, Q4 will be really strong and I want a payroll tax cut.

On travel restrictions with Europe, Trump said it will depend upon the complete containment of the COVID-19 there:

Well, we’re looking at that, and it depends on how long it’s taken Europe to heal. Italy is starting to make a comeback. I’m very happy to see that, with my friend, the Prime Minister. He’s — it’s tragic what went on in Italy and Spain and France and Germany, frankly, and every — every country over there. It’s tragic. But we’ll be looking at what’s happening in Europe. And certainly, we want to do that and they want to do it too. They want to do it very badly

On the suspense of NK leader Kim’s health conditions, Trump didn’t elaborate any information publicly, but signaled that Kim is important for him to have peace with NK:

On Kim Jong Un? I can’t tell you exactly. Yes, I do have a very good idea, but I can’t talk about it now. I just wish him well. I’ve had a very good relationship with Kim Jong Un. If I weren’t President, you’d be in war. You would’ve been in war with Korea. You would have been in war with North Korea if I wasn’t President — that, I can tell you. He expected that — that, I can tell you. I — I hope he’s fine. I do know how he’s doing, relatively speaking. We will see. You’ll probably be hearing in the not-too-distant future.

On any possibility of postponing the U.S. Nov’20 election as being pointed out by Biden, Trump clarified he is not thinking of it and blamed that ‘sleepy Joe (Biden)’ is being used as a scapegoat by some other Democrat leaders around him (nervous Pelosi):

I never even thought of changing the date of the election. Why would I do that? November 3rd. It’s a good number. No, I look forward to that election. And that was just made-up propaganda — not by him, but by some of the many people that are working, writing little statements. I see all the time: “Statement made…” You say, “So, the statement made per Joe Biden.” Sleepy Joe---He didn’t make those statements, but somebody did. But they said he made it. No, let him know I — I’m not thinking about it at all---Not at all.

And finally, Trump was asked the most difficult question in his Presidency: If an American President loses more Americans over the course of six weeks than died in the entirety of the Vietnam War, does he deserve to be reelected?

A defiant Trump clarified he had ensured much less American deaths (60-70K) than the original projection of 2.2M and Trump also claimed great work in Ventilators and COVID-19 tests:

So, yeah, we’ve lost a lot of people. But if you look at what original projections were — 2.2 million — we’re probably heading to 60,000, 70,000. It’s far too many. One person is too many for this. And I think we’ve made a lot of really good decisions. The big decision was closing the border or doing the ban — people coming in from China — obviously, other than American citizens, which had to come in. Can’t say--- “You can’t come in-- You can’t come back to your country.”

I think we’ve made a lot of good decisions. I think that Mike Pence and the task force have done a fantastic job. I think that everybody working on the ventilators — you see what we’ve done there — have done unbelievable. The press doesn’t talk about ventilators anymore. They just don’t want to talk about them and that’s okay. But the reason they don’t want to talk — that was a subject that nobody would get off of. They don’t want to talk about them. We’re in the same position on testing. We are lapping the world on testing. And the world is coming to us. As I said, they’re coming to us, saying, “What are you doing? How do you do it?” And we’re helping them. So, no, I think we’ve done a great job. And one person — I will say this: One person is too many.

On Tuesday, Trump tweeted and explained due to far higher perfect COVID-19 testing: The only reason the U.S. has reported one million cases of Coronavirus is that our Testing is so much better than any other country in the World. Other countries are way behind us in Testing, and therefore show far fewer cases!

We are doing far more, and better, Testing than any other country in the world, and yet the media does nothing but a complaint. No matter how good a job is done, the same as with the Ventilators, they will never say we are doing a great job, they will only viciously gripe!

There has never been, in the history of our country, a more vicious or hostile Lamestream Media than there is right now, even in the midst of a National Emergency, the Invisible Enemy!

I never said the pandemic was a Hoax! Who would say such a thing? I said that the Do-Nothing Democrats, together with their Mainstream Media partners, are the Hoax. They have been called out & embarrassed on this, even admitting they were wrong, but continue to spread the lie!

The people that know me and know the history of our Country say that I am the hardest working President in history. I don’t know about that, but I am a hard worker and have probably gotten more done in the first 3 1/2 years than any President in history. The Fake News hates it!

On Tuesday, the U.S. Treasury Secretary Mnuchin said:We are looking at providing liquidity aid to oil companies and we think will see demand come back as states reopen---there will be a big bounce back in U.S. Economy by August And September. Any additional aid to states will be debated by the Congress; there will not be any Federal Bailout of states. It’s highly unlikely that the government would buy stocks. The average loan size in the paycheck protection program is coming down. The SBA is to review any loan over $2mln before forgiveness.

On Tuesday, Trump tweeted:Why should the people and taxpayers of America be bailing out poorly run states (like Illinois, as for example) and cities, in all cases Democrat-run and managed, when most of the other states are not looking for bailout help? I am open to discussing anything, but just asking?

Although Trump is explaining the highest number of COVID-19 cases because of the highest number of testing, he is not able to explain the highest number of corona deaths in the world. Trump is much busier in battling ‘fake, lamestream’ media and ‘do-nothing’ Democrats than COVID-19.

Trump was very much optimistic about the COVID-19 curve flattening and gradual reopening of the U.S. economy. Trump is also reiterating (like a broken record) in his every speech about the U.S. economy, the biggest and the best in the world just a few months ago, but not telling about another global record by the U.S. in becoming the greatest affected COVID-19 country and the highest death.

For the U.S.-the COVID-19 may be already silently spreading in February itself when due to lack of testing or sheer negligence on the part of Trump to downplaying it as ‘seasonal flu’ may have caused the U.S. dearly. The strategy by Trump & Co (including Dr. Fauci) may be to allow controlled COVID-19 infection spread within the community to develop the much-needed herd immunity and delay the peak towards the onset of the summer season.

But lack of any coherent lockdown strategy or other mitigation measures, more than 50% of the states in the U.S. have reported over 5K confirmed COVID-19 cases. Compared to the U.S., in India there is a universal national lockdown from early days including those states, having negligible COVID-19 confirmed cases below 10. Trump may have tried to give more priority to wealth than health until 2nd week of Mar, ignoring the fact that unless there is an effective COVID-19 vaccine, lockdown strategy, stringent social distancing protocols and other mitigation measures are the only tool to defend and attack the invisible enemy, the SARS-CoV-2 (COVID-19). If the U.S. election does not postpone to Nov’21 (to rebuild the U.S. economy from the COVID-19 carnage), it may be very difficult for Trump to win the same in Nov’20.

Bottom line:

The market has already discounted to a great extent that the COVID-19 may be contained by May-June, although it may not be eliminated until the COVID-19 vaccine comes by Sep-Dec’20. And the U.S./global economy will be under a big recession in 2020. The next trigger for the market will be the theme of COVID-19 vaccine development and recovery of the economy from 2021 onwards.

Market wrap:

On Tuesday, the blue-chip Dow Jones Industrial Average (DJ-30) ticked down -0.13% to close around 24101.55, near the session low of 24031.20; earlier it made a high of 24512.24 in a day of volatile trading. Dow soared almost 11% (MTD) in comeback April. The broader S&P-500 (SPX-500) slumped -0.52% to close around 2863.39, almost at the session low of 2860.71; earlier it made a high of 2921.15 in a day of wild trading. The S&P-500 jumped almost +12% in April so far. The tech-heavy Nasdaq Composite (IXIC) slips almost -1.40% to close around 8607.73, almost at the session low of 8600.70; earlier it made a high of 8830.57 in a day of roller-coaster trading. Nasdaq also soared almost +13% for April (till day).

On Tuesday, the broader U.S. market was helped by 7 out of 11 sectors led by energy, materials, industrials, financials, consumer staples, utilities, and real estate. The U.S. market was dragged by techs, communication services, healthcare and consumer discretionary.

On early Wednesday, Dow jumped over +400 points as risk trade got a boost on higher oil and as the U.S. Biotech giant, Gilead said a critical trial of COVID-19 therapy of Remdesivir showed patients are responding to treatment within 5-days. The study demonstrated that patients receiving a 10-day treatment course of Remdesivir achieved similar improvement in clinical status compared with those taking a 5-day treatment course. In effect, Gilead said the government-run study of its antiviral Remdesivir; the so-called ‘magic drug’ against COVID-19 showed that the anti-Ebola drug (Remdesivir) may be effective to some extent against the deadly SARS-CoV-2 virus (COVID-19) if treated early (mid to severe patients).

The Ex. U.S. FDA Head Gottlieb suggested now enough evidence for emergency authorization of Gilead Remdesivir to fight COVID 19:As we've been saying for some time now, accumulating data on Remdesivir suggests it's active against covid and there's now enough data to support consideration of access under an emergency use authorization by FDA. The data from the NIAID study should push this firmly over the line.

Meanwhile, the U.S. reported Q1CY20 GDP growth at -4.8% against an estimate of -4.0%; prior +2.1% (y/y)- amid corona carnage and lockdown.

Technical Outlook: SPX-500, DJ-30, and NQ-100 (Futs):

Technically, whatever may be the narrative, SPX-500 now has to sustain over 2880 for a further rally to 2895*/2930-2950*/2985* and 3025/3050*-3090/3135*-3185/3225* in the near term (under bullish case scenario).

On the flip side, sustaining below 2870, SPX-500 may fall to 2845/2820*-2790/2770* and 2750/2715*-2690/2675 and further 2635*/2610-2540/2425* in the near term (under bear case scenario).

Technically, whatever may be the narrative, DJ-30 now has to sustain over 23750 for a further rally to 24350*/24500-24800*/25150 and 25400*/25750-25950/26300 and further 26400/26650*-27000/27100* in the near term (under bullish case scenario).

On the flip side, sustaining below 23700-23680, DJ-30 may fall to 23350*/23100-22800*/22600 and 22400*/22100-21800/21500* and further 21200/20700-20450*/20300 in the near term (under bear case scenario).

Technically, whatever may be the narrative, NQ-100 now has to sustain above 9000 for a further rally to 9100*/9225-9300/9355* and 9505/9675-9775/9850 in the near term (under bullish case scenario).

On the flip side, sustaining below 8975, NQ-100 may fall to 8900/8800-8740/8700* and 8600/8550-8500/8380* and further to 8300/8180-8070/7900* in the near term (under bear case scenario).

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